The price is expected to restore in the medium term to a level of $85-90 that will be comfortable for gas and oil companies and exporting countries, the Russian energy minister Alexander Novak said

SOCHI, November 28 /TASS/. Russian Energy Minister Alexander Novak said on Friday that lower oil prices would have a favourable impact in terms of expensive projects while the price itself would resurge to a level of $85-90.

“We believe the market will be adjusted and the current reduction and quotation of the oil prices will have a favourable impact in terms of expensive and efficient projects that are going to disappear,” Novak told journalists.

“We expect the price to restore in the medium term to a level of $85-90 that will be comfortable for gas and oil companies and exporting countries,” the Russian minister said. This year the average oil price is expected to be at $98-99 per barrel, he added.

Russia’s energy ministry believes that the budget’s assumed benchmark price of crude oil of $100 per barrel will be adjusted, Novak told the media.

“The 100-dollar price set in the 2015 budget will most probably be revised by the Ministry of Economic Development,” he believes.

Novak said he saw no special problems, because the price incorporated the reserves.